Herbalife's annual growth rate makes its shares attractive at its current level despite high-profile short interest in the stock, Kerrisdale Capital Management Founder Sahm Adrangi said Thursday on CNBC.

Over the past few weeks, Herbalife has received plenty of attention after influential hedge fund manager Bill Ackman publicly called the company's business model a pyramid scheme and announced his $1 billion short in its stock.

CEO Michael Johnson took to CNBC on Thursday to defend his company, calling Ackman's allegations "strange" and casting aspersions on his promise to donate proceeds of the short position to charity. (Read More: Herbalife CEO Casts Doubt on Ackman's Motives in Shorting Stock)

Adrangi, however, said that the company's 20 percent annual revenue growth made the stock attractive.

Herbalife shares closed at $39.24, down 1.7 percent.

On "Fast Money," Adrangi, who entered a long position in the stock at $26 per share, said that there were "flaws with the thesis" and said that the stock was "poised to bounce back."

"At the end of the day, it's sort of Ackman against the world," he added.

While acknowledging that 70 percent of Herbalife's business was outside the United States, Adrangi said that there was plenty of activity among a sector of the population.

"It's almost like an Alcoholics Anonymous for overweight people," he said. "Support groups to lose weight here in Manhattan are called personal trainers, but for a lot of lower-income individuals they're Herbalife nutrition clubs.

"So, part of the business is legitimate; part of the business engages in the MLM tactics that some of us find despicable. It's difficult for regulators to come in and shut down the entire company for that."

Trader disclosure: On Jan. 10, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long FB; Jon Najarian is long LM CALL SPREADS; Jon Najarian is long AMAT CALL SPREADS; Jon Najarian is long DECK CALL SPREADS; Jon Najarian is long NOK CALL SPREADS; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long MSFT; Tim Seymour is long TROX; Dan Nathan is long WFC 38 CALLS; Dan Nathan is long MSFT 26 PUTS; Brian Kelly is long XLF; Brian Kelly is long QQQ; Brian Kelly is long SPY; Brian Kelly is long XHG; Brian Kelly is long XLB; Brian Kelly is long EWG; Brian Kelly is long EWI; Brian Kelly is short EWY.